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The country's biggest lender State Bank of India (SBI) on Saturday said it has signed a Line of Credit agreement of EUR 100 million with Agence Franaise de Dveloppement (AFD) at its GIFT City branch at Gandhinagar.
The funds mobilised through this partnership will be utilised in climate mitigation actions aimed at reducing greenhouse gas emissions to slow down global warming and climate adaptation measures designed to adjust systems, practices, and infrastructure to minimise the damage caused by current or anticipated impacts of climate change, SBI said in a statement.
By empowering these measures, this collaboration strives to further advance India's transition to a low-carbon economy while enhancing resilience to climate-related risks, it said.
The partnership is a strategic step towards SBI's goal of achieving a green portfolio constituting 7.5-10 per cent of its domestic gross advances by 2030, it said.
Additionally, it will also enable the bank to provide competitive financing solutions that would further strengthen India's green transition drive, it said.
The collaboration allows SBI to leverage AFD's expertise in climate finance and align with global sustainability frameworks. This includes support for innovative green technologies, project structuring, and ESG integration to ensure measurable environmental and social impact, it said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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